Alliance Bank JSC (Kazakhstan) changed accounting standards in automation of banking information system

/IRBIS, Natalya Khoroshevskaya, May 24, 04/ - Alliance Bank JSC (Almaty), аwhose shares and bonds are in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release, which says that since May 15, by the resolution of the National Bank of Kazakhstan, Alliance Bank JSC has been included in the list of second tier banks, which have made change-over to international accounting standards concerning automation of the banking information system and its certification. The press-release says that change-over of Alliance Bank JSC is a direct result of its active working at the country's financial market and adumbrates a new stage of bank's development as one of the most quickly growing financial institutions of the country. Since 2002 the bank has actively invested its funds into development and introduction of IT-technologies in the bank. In particular, last year the process of Alliance Bank business centralization in "online" mode was successfully finished, that let integrate the existing branches into the single information system, and moreover it let significantly increase the speed and the quality of servicing. On the other hand the change-over let bank demonstrate again it firm commitment to transparent and open activity directed towards maximum satisfaction of society in high-quality financial products and services. Besides, the bank has informed about main results of activity: as of December 31 of 2003 its assets were equal to KZT50.3 bn. having grown since the beginning of the year 2.3 times, and loan portfolio equaled to KZT30.6 bn. As of May 1 of 2004 bank's assets rose to KZT58.7 bn., loan portfolio - KZT38.1 bn., liabilities were equal to KZT35.2 bn. In 2003 bank opened two branches in Karaganda and Atyrau cities, and at present it has 9 branches in most developed regions of the country. In the end of September of 2003 Moody's Investors Service assigned Е+ financial strength rating to the bank and ratings on bank's ability to satisfy long- term and short-term deposit obligations in foreign currency on the level of Ва3/Np. All ratings have stable outlook. [2004-05-24]